Binance.US’ Proposed $1 billion purchase the beleaguered cryptocurrency platform Voyager Digital Ltd VYGVF faces a limited objection from the US Securities and Exchange Commission.

What happened: This was announced by the SEC Changpeng ZhaoThe purchase agreement of the -owned company does not detail its ability to close the deal, and regulators sought more information about the company’s operations, Reuters reported, citing a bankruptcy court filing on Wednesday.

In December, the US Committee on Foreign Investments in the United States said its review could potentially delay or block the deal, according to Reuters.

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Why it matters: Binance in November has restarted its offer to acquire the bankrupt Voyager Digital after FTX, a Sam Bankman Fried-led cryptocurrency trading platform that has itself filed for bankruptcy. FTX had previously positioned itself as a white knight versus Voyager.

Voyager filed for Chapter 11 bankruptcy in July nearly $650 million commitment Dissolve cryptocurrency hedge funds Capital with three arrows.

The dissolution of several cryptocurrency platforms led to a sharp dent in the prices of the major cryptocurrencies such as e.g Bitcoin BTC/USD and ether ETH/USD in 2022. Bitcoin lost almost 60% of its value this year, while Ethereum declined by almost 67%.

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Disclosure: gasoline ga CEO Jason Raznik is a member of the unsecured creditors’ committee in Voyager Digital’s bankruptcy case.